HERITAGE RESTORATION LOAN

Owners of properties listed as significant or contributory in the Ballarat heritage overlay are eligible to apply for a loan to undertake work to improve the physical security or appearance of the place.

Loan applications that are encouraged:

• Verandah reinstatements;
• Works to restore physical elements (based on historic evidence);
• Works that ensure the physical security of significant elements of the place.

Loan applications for the following are discouraged:

• Works to improve appearance that do not require a planning permit under the heritage overlay;
• Routine maintenance/works that are considered to be for the general upkeep of any property.

Low Interest Restoration Loans

The City of Ballarat administers a low interest loan scheme which provides funds for the restoration and repair of heritage places in the City of Ballarat. 

The type of works eligible for funding under the loan scheme fall into two categories:

1. Works that enhance the appearance of the place. eg reconstruction of a front verandah or fence, external repainting in heritage colours (where a planning permit for this is required), restoration of interiors that will be seen by the community. 
2. Works that repair and maintain the place so that it stays in existence. eg. restumping, rewiring, recladding the roof or walls, chimney repairs and drainage.

How much can you borrow?

There is no set limit to the amount which can be borrowed, however, as demand for funds is high and the amount of money within the restoration fund is limited, loans are generally in the order of $5,000 to $20,000.

All loans will require Council approval and must be secured via a bank guarantee. Applicants are responsible for any costs associated with obtaining a bank guarantee and we strongly suggest that potential applicants contact their bank to identify fees and charges prior to applying for a Heritage Loan.  

What are the interest rates and repayment periods?

Interest rates have been reduced to allow for bank guarantees. Rates are:
0% - Residential
1.5% - Commercial and other non residential

(A default interest rate of 5% is to apply retrospectively to any loans in arrears)

Current repayment periods are:
< $1,000 1 year
$1,000 - $5,000 2 years
$5,000 - $20,000 4 years
> $20,000 By negotiation

How do you make an application?

Applications are open all year.  A series of assessments will be undertaken before a loan application can be approved.  The applications will be assessed internally before being considered by the Management Subcommittee.  The Management Subcommittee will make recommendations to the Ballarat Heritage Advisory Committee who will then make a decision whether or not to forward the application to Council for final approval.  This process is expected to take approximately 2-3 months.  Works must not begin prior to loan approval.

 What information do I need?

You will need to ask Council’s Building Department and Statutory Planning Department if permits are required as it depends on the type of works you intend doing, the location and heritage status of your property. All required permits must be approved prior to transfer of funds.  Applicants are responsible for any costs associated with obtaining building and planning permits and we strongly suggest that you contact the Building & Statutory Planning Departments at the City of Ballarat to identify the costs involved in obtaining any required permits prior to applying for a Heritage Loan.
Applications should also be supported by:

• good quality photographs of your property and its streetscape; 
• Minimum of 2 quotations for the work proposed
  (In the case of loan applications for painting, quotes should be based on an individual paint specification.  Haymes Paint, Ballarat or Conroy's Paint in Skipton St, Ballarat can provide this service); 
• a brief description of the proposed works and your contact details.

Things to remember, Heritage Restoration Loans:

• Provide funds for the restoration and repair of heritage places in the City of Ballarat
• Require Council approval and must be secured via a bank guarantee that is paid for by the applicant.  We strongly suggest that potential applicants contact their bank to identify fees and charges prior to applying for a Heritage Loan
• Require a series of assessments to be undertaken before a loan application can be approved, including an inspection by a Council Officer
• Require planning or building approval before release of funds.  We strongly suggest that potential applicants contact Council’s Building & Statutory Planning Departments to identify any permits required and associated costs
• Requires thorough application information and quotes to be provided
• Necessitates follow up visits and photographs at 0%, 50% and 100% completion which may be used to promote the Heritage Loans Scheme

Applicants should read the Terms & Conditions, Information Sheet, Flowchart and Heritage Loan Application form